Bush tax cuts

The Bush tax cuts was a series of tax cuts that began on 7 June 2001 during the presidency of George W. Bush and was extended by Barack Obama's administration. The first act was the Economic Growth and Tax Relief Reconciliation Act of 2001, followed by the Jobs and Growth Tax Relief Reconciliation Act of 2003, the Tax Relief, Unemployment Insurance Reconciliation, and Job Creation Act of 2010, and the American Taxpayer Relief Act of 2012, with the first two occurring under Bush and the second two occurring under Obama. The tax cuts decreased the highest marginal income tax rate from 39.6% to 35%, but the cuts were later eliminated for singles who made over $400,000 a year and couples who made over $450,000 a year, ad the highest marginal income tax rate returned to normal.